Each year couples make up the largest portion of home buyers, and according to the 2012 NAR Profile of Home Buyers and Sellers, the percentage of these buyers has been increasing. Married couples or dual-income households accounted for 65 percent of all recent home buyers.
Just two years ago married couples made up 58 percent of home buyers. Meanwhile, the percentage of single buyers decreased over the same period – from 32 percent two years ago to 25 percent today.
The results of the survey paint a clearer picture of the impact of mortgage limitations and the advantages that households with dual incomes have in obtaining a mortgage in the current lending environment.
- Don’t Shut Out the Single Buyer
Overly tight credit standards continue to be problematic for the housing market. NAR research shows total home sales would be 10 to 15 percent higher with a return to normal lending standards. Ask a Realtor® about the impact of tight credit in your local market – has it changed the buying demographics in your community?